Starmer will consider alternatives in light of Iran's cost-of-living issues.

 

Starmer will consider alternatives in light of Iran's cost-of-living issues(Image: EPA)

Sir Keir Starmer has said he is looking at "every lever that's available to government" to deal with cost of living pressures caused by the Iran war.

 The prime minister will later chair an emergency Cobra committee, which will be attended by Bank of England governor Andrew Bailey and senior ministers.

 A "range of options" are being evaluated, according to Housing Minister Matthew Pennycook, who explained to the BBC that this would include addressing the issue of "profiteering that we're potentially seeing from fuel retailers." Following "productive" talks with Iran, US President Donald Trump announced that military strikes against Iran's energy infrastructure would be postponed for five days.

Read More: As Starmer faces war overseas, his party can't find peace at home

Trump's post on his TruthSocial platform said discussions had been taking place for two days regarding the "complete and total resolution of our hostilities in the Middle East" and these will "continue throughout the week".

 Following his remarks, oil prices returned to normal and the London FTSE 100 share index reversed its early session declines. A Downing Street spokesperson said: "Any reports of productive talks are welcome", adding: "We have always said a swift resolution to the war is in the global interest and the Strait of Hormuz specifically needs to be re-opened."

 Trump and Sir Keir discussed the necessity of reopening the strait, an essential oil shipping channel, on Sunday. Iran has effectively blocked the Strait of Hormuz since the US and Israel attacked the country on 28 February.

 If the strait is not opened within 48 hours, Trump made the threat to "obliterate" Iranian power plants in a post on social media on Saturday. Tehran said it would target US-linked energy sites across the Gulf region if the US followed through with its threat, according to Iranian state media.

 On Monday, Trump gave a TruthSocial update on the "in depth, detailed, and constructive conversations" between the US and Iran.

 He added he has "instructed the department of war to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five day period, subject to the success of the ongoing meetings and discussions".

 Energy security and the financial impact of the crisis on families are expected to be discussed at the Cobra meeting, which will also feature the chancellor, foreign secretary, and energy secretary. Along with the international response, ministers will also discuss the impact on business and supply chains. Sir Keir told broadcasters: "I am asking for every lever that's available to the government to deal with the cost of living to be discussed at Cobra, hence we've got the Bank of England and others there."

 "Everything we possibly can at a very difficult period like this," the prime minister continued, "I want to ensure that the government is doing." Prior to the Cobra meeting, the prime minister is scheduled to appear before the House of Commons Liaison Committee and be confronted with questions from senior lawmakers regarding the government's response to the conflict. Cobra meetings, also known as Cobr, are named after Cabinet Office Briefing Room A in Whitehall.

 In central London, senior officials and ministers meet in the room to coordinate the crisis response.

A £53 million package has already been laid out by the government for homes struggling with the sharp increase in the cost of heating oil. Kemi Badenoch, leader of the Conservative Party, stated that Sir Keir ought to make use of the Cobra meeting in order to instruct Energy Secretary Ed Miliband to "adopt our cheap power plan," adding, "Drill the North Sea, cut carbon taxes, and axe the fuel duty hike." Green Party leader Zack Polanski said this is "no time for half-measures" as he suggested families should be protected from energy price hikes.

 Writing on X, his suggestions to pay for such an approach included "a tighter oil and gas windfall tax, taxing income from wealth the same as from work, and double down on renewables and energy efficiency to protect us from future shocks".

 Additionally, Sir Keir stated that there is "no assessment" that Iran is targeting the UK. It followed a statement made on Saturday by the Israel Defense Forces (IDF) that Tehran had weapons that could travel up to 4,000 kilometers (2,485 miles). Additionally, Iran had previously announced its intention to strike the Chagos Islands, a joint US-UK military base in the Indian Ocean located approximately 3,800 kilometers from Iran. "No missiles hit the Chagos Islands," stated Sir Keir. "There were two heading in that direction and it's really important that we call out these reckless acts by Iran against British interests, British lives, against our allies in the Gulf and the region."

 The government agreed on Friday to let the US use British bases to attack Iranian targets in the Strait of Hormuz. In the past, it had allowed US forces to only use the bases for defensive missions to stop Iran from firing missiles that could harm British interests or lives.

Source: BBC